NEW ZEALAND - KiwiSaver funds posted positive returns for the first quarter of 2011, with the meidan KiwiSaver growth fund returning 3.8% and the more conservative default median fund returning 1.6%, according to Mercer's KiwiSaver survey.
Funds with a higher allocation to shares and property performed best, Mercer's data showed.
The best performing fund for the quarter was Fidelity Life Aggressive Growth Fund which returned 5.6% for the quarter. In the quarter ending 31 March, the median return of a conservative KiwiSaver fund was 1.8%, while the median balanced fund returned 2.5%.
There are 1.7m KiwiSaver members as of the end of April, according to statistics kept by Inland Revenue.
Martin Lewington, head of Mercer New Zealand said: "Gains from January and February were given back in March as a result of investor nervousness around recent events in Japan and the Middle East and re-emerging concerns about Europe's sovereign debt crisis. Volatility is far from over, and could impact on returns in the upcoming quarter."
Enhanced powers for The Pensions Regulator (TPR) to prosecute and fine company directors who "wilfully or recklessly" put their defined benefit (DB) pension scheme at risk will be hard to enforce, commentators say.
Melrose has pledged to contribute up to £1bn to GKN's pension schemes as part of a final offer to acquire the engineering business.
Existing master trusts will be forced to pay £41,000 when applying for authorisation under the upcoming regime, the government has confirmed.
UPDATE 2 - DWP publishes DB white paper: Stronger powers for TPR, DB chair statements to be introduced
The Pensions Regulator (TPR) will be given the power to fine company bosses who deliberately puts their defined benefit (DB) schemes at risk, the government has confirmed.